Mahindra & Mahindra Ltd has entered into a Preferred Financier agreement with public sector lender, Allahabad Bank. The Memorandum of Understanding (MoU) signed between both entities would enable the customers of M&M to obtain car loan from any branch of Allahabad Bank.

Speaking at the signing, J P Dua, Chairman, Allahabad Bank said, "With a customer base of 24 million we are always looking for avenues to offer the best products. This tie-up with M&M is a step in the right direction. With 2300+ branches we have access to a major part of India's hinterland where Mahindra vehicles are the most preferred mode of transportation for goods as well as passengers. We are hopeful of working closely with M&M in the days to come and to make this relationship a mutually beneficial one".

Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra said, "Allahabad Bank is a dynamic and growing, tech-savvy bank and it is a moment of pride for M&M Auto Sector to be associated with a bank of its stature, heritage and respect. With highly competitive schemes (up to 85% on road funding, rates starting as low as 9%) for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers.."